‘Government working to stabilize prices of goods’

KUWAIT CITY, Jan 9: Kuwait has started expanding its import of strategic goods – as part of the strategic stock of necessary goods introduced in support of public stocks, in anticipation of contingencies or other developments in the region, reports Annahar daily.

The daily quoting government sources added the steps taken by government do not necessarily mean ‘anticipation of war’, noting it started preparations since the Strait of Hormuz crisis began, due to which the authorities adopted a precautionary policy to increase the strategic stockpile for a year or more – instead of six months.

They stated that Kuwait over the past one year has opened new markets to its institutions in support of capabilities to overcome crises, whether commercial, political or security – especially as wars and crisis in the world are no longer military but commercial and financial. They noted the best evidence for the aforementioned observation is the commercial crisis that happened between the United States and China whose repercussions affected the rest of the world. They stressed the strategic stock of necessary commodities is able to meet the country’s needs for about 10 months instead of the previous six-month period, which means Kuwait has raised its strategic stock by an additional 4 months.

“In parallel with stability of the size of the food stock, the government is working to stabilize prices of goods so that consumers and citizens do not feel the existence of crisis resulting from the decline in stock”.

They noted “the step taken by government is consistent with what is used internationally in securing strategic stock of necessary commodities”, pointing out that a complete market survey was carried out in cooperation with the Union of Consumer Cooperative Societies, the ministries and relevant authorities, showing the strategic stock of Kuwait is in a very reassuring situation.

They reiterated that Kuwait recently expanded its commercial map, in addition to its dependence on alternative plans in the event of the suspension of oil exports in the usual ways. Kuwait also raised the level of its stock of gasoline, natural gas and other major petroleum products to face any emergency the oil market may witness in future against the background of long-lasting political and security tensions.